2008 - 2009 - Pinsent Masons Water Yearbook 2012 - 2013

FRANCE
PART 3(i): COMPANY ANALYSIS MAJOR PLAYERS-SAUR
SAUR / Séché, CDC, & Axa
Société d’Aménagement Urbain et Rural (SAUR) was founded in 1933, making it the last of the major
French water companies. Bouygues (see separate entry) acquired SAUR in 1984. SAUR has been
associated more with small towns and rural municipalities than either Suez or Veolia Environment
(VE). Bouygues sold SAUR (net of its Italian and African activities) to PAI Partners, the French private
equity house in January 2005. In March 2007, PAI announced that it was to sell SAUR to Hime, a
consortium comprising of Caisse des Dépôts et Consignations (33%), Séché Environnement (33%)
and Axa Investment Managers (33%) for EUR1.47billion. In May 2008, CDC granted Séché an 18%
option in Hime that if exercised will raise Séché’s stake to 51% and paves the way for Séché to take
complete ownership of Hime. Séché has a market listing in France and this would in turn allow the
company to have a full market presence again.
Saur / Novasaur / Hime
Y/E (EURmillion) 2003 [1] 2004 [1] 2005 [2] 2006 [3] 2007 [3]
Net sales 1,591.6 1,570.3 309.5 1,436.0 1,472.0
EBITDA N/A 186.6 12.7 152.0 157.0
Operating income 87.8 91.1 2.7 776.0 71.0
Pre-tax income 67.4 83.8 -5.9 N/A N/A
Net income -16.7 -2.5 -4.6 N/A N/A
[1] 2003 & 2004: Y/E 31/12
[2] 2005: 3 months to 31/03
[3] 2006 & 2007: Y/E 31/12
Including long term technical assistance projects (mainly in Saudi Arabia) SAUR serves 12million
people internationally with 710million m 3 per annum of water being provided.
SAUR water services revenues
SAUR (EURmillion) 2004 2005 [1] 2006 [1] 2007 [1]
Saur France 832.4 842.3 896.1 935.0
Saur International 80.6 86.3 94.5 95.0
Total 913.0 928.6 990.6 1,030.0
2004 Y/E is to 31/12, 2005, 2006 & 2007 [1] Y/E is to 31/03
The new entity, including Stereau (water engineering in France and internationally) and Coved (waste
management services in France) had a consolidated turnover of EUR1.3billion in 2004. Post the
divestment of the Italian and African activities, 95% of SAUR’s 2007 revenues came from France
(65% Saur, 21% Coved & 7% Stereau), with 78% of the groups revenues being from water.
SAUR, population served
Country Water Sewerage Total
France 5,500,000 5,500,000 5,500,000
Argentina 1,200,000 950,000 1,200,000
China 3,500,000 0 3,500,000
Armenia 750,000 750,000 750,000
French Overseas Territories 359,000 14,000 359,000
Poland 502,000 550,000 550,000
Scotland 0 400,000 400,000
Spain 720,000 460,000 720,000
Total – Outside France 7,031,000 3,124,000 7,499,000
Global total 12,531,000 8,624,000 12,999,000
195
Pinsent Masons Water Yearbook 2008-2009